#PEPE
Bear Market for PEPE: Is It Inevitable to Fall to $0.000014?
The price of the PEPE meme coin is under significant downward pressure, testing the support at $0.00001732. Can it rebound, or will it drop further to $0.000014?
Bitcoin's price is still hovering below $100,000, which has also affected meme coins, causing them to decline even more. The market capitalization of meme coins has fallen to $97.83 billion, down 3.48% in the last 24 hours.
In this economic downturn, PEPE has also not been spared, dropping 6.62% during the same period, with its market capitalization decreasing to $7.33 billion. As bearish pressure increases, will PEPE short-term retrace to the 7-day low of $0.000014451?
Let's take a look at PEPE's price trend. On the 4-hour chart, PEPE attempted to surge but failed. The price couldn't reach $0.00001988 and didn't even touch the 38.2% Fibonacci level.
Looking at the price chart of PEPE, the key Fibonacci resistance level is at $0.00001921. Currently, the price of PEPE is declining and testing the 23.6% Fibonacci level, which is $0.00001739. This drop has caused a 10% decrease in price, breaking below the 20 EMA line. In addition to the Fibonacci resistance level, the 50 moving average is also holding back the price from rising.
So how will the price of PEPE move? From the trend, the support level at $0.00001732 and the 23.6% Fibonacci level is a solid demand zone for PEPE.
Of course, if the overall market can recover, and if the price of PEPE rebounds significantly and surpasses the 38.2% Fibonacci level, it might test the resistance level at $0.00002232. This level is slightly above the 68.8% Fibonacci level of $0.000022155.
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